FWRG First Watch Restaurant Group, Inc.
Price Chart
Executive Summary
First Watch reported Q1 2026 total revenue of $331.0M (+17.3% YoY) and a GAAP net loss of -$0.04/share, wider than the -$0.01 loss a year ago. The company raised the low end of its full-year Adjusted EBITDA guidance to $133M-$140M (from $132M-$140M) and reaffirmed its top-line outlook. Same-restaurant sales grew 2.8% but traffic declined 2.0%, and GAAP operating margin compressed to 0.3% — the net loss widened despite revenue growth, making this a mixed result.
Key Financial Metrics
Actionable Insight
The revenue beat and raised EBITDA guidance provide a modest positive catalyst, but the widening GAAP net loss and negative traffic (-2.0%) are concerning. Monitor the Q2 2026 earnings for traffic inflection and margin trajectory — the stock may trade range-bound until same-restaurant traffic turns positive.
Key Facts
- Total revenues increased 17.3% YoY to $331.0M from $282.2M
- GAAP net loss widened to -$2.7M (-$0.04/diluted share) from -$0.8M (-$0.01) in Q1 2025
- Adjusted EBITDA rose 22.2% to $27.8M from $22.8M; margin expanded to 8.4% from 8.1%
- Same-restaurant sales grew 2.8% but traffic declined 2.0%
- Restaurant-level operating profit margin improved to 18.5% from 16.5%
- Raised FY2026 Adjusted EBITDA guidance low end to $133M (from $132M), range now $133M-$140M
- Reaffirmed FY2026 same-restaurant sales growth of 1%-3% and total revenue growth of 12%-14%
- Opened 16 net new system-wide restaurants in Q1, ending with 648 total units
Financial Impact
Revenue beat consensus of $329.3M by ~0.5%; GAAP EPS of -$0.04 missed the Street consensus of -$0.02 by 100% (wider loss). Adjusted EBITDA guidance raise of ~$1M at the low end is modest.
Risk Factors
- Same-restaurant traffic has been negative for three consecutive quarters (Q1 2026 -2.0%, Q4 2025 -1.9%, Q1 2025 -0.7%)
- GAAP net loss is widening despite revenue growth, driven by elevated G&A (+32% YoY) and interest expense
- Consumer spending sensitivity in the daytime dining segment could pressure traffic further
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001789940-26-000059 |
| Exhibit: exh992q12026irsitedeckfi.htm | 0001789940-26-000059 |
| Document: fwrg-20260505.htm | 0001789940-26-000059 |
| Document: 0001789940-26-000059-index-headers.html | 0001789940-26-000059 |
| Document: 0001789940-26-000059-index.html | 0001789940-26-000059 |
| Document: 0001789940-26-000059.txt | 0001789940-26-000059 |
| 8-K Data (Synthetic) | 0001789940-26-000059 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
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8-K
| $10.35 awaiting T+20 | awaiting T+20 | — | $10.34 (−0.05%) |
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Jun 8, 2026
1d ago
|
Press Release
| $10.35 awaiting T+20 | awaiting T+20 | — | $10.34 (−0.05%) |
|
May 5, 2026
5w ago
|
8-K
| $12.18 $10.44 | ▼ −14.29% | ▼ −19.24% | $10.34 (−15.11%) |
|
May 5, 2026
5w ago
|
Press Release
| $12.18 $10.44 | ▼ −14.29% | ▼ −19.24% | $10.34 (−15.11%) |
|
Apr 8, 2026
8w ago
|
DEFA14A
| $11.65 $12.17 | ▲ +4.46% | ▼ −3.10% | $10.34 (−11.24%) |
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Mar 10, 2026
13w ago
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Insider Cluster
| $12.52 $11.16 | ▲ +10.86% | ▲ +10.71% | $10.34 (+17.41%) |
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Mar 10, 2026
13w ago
|
Insider Cluster
| $12.52 $11.16 | ▲ +10.86% | ▲ +10.71% | $10.34 (+17.41%) |
US Market Status
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